Some Drawbacks in Tapping the Phone to Deposit a Check

As the service catches on, it becomes increasingly important for customers to compare the terms of mobile deposit services that different banks offer.

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***** Moderator's Note *****

I have said before, and will now repeat: electronic banking is an overlay on the previous security model, which depended on face-to-face transactions to discourage theft and fraud. As bank owners try to eliminate every possible face-to-face transaction, they also eliminate the innate capacity of real people to spot trickery before it happens.

The solution is both predictable and puerile: the bankers demand that their customers accept all the risk of the new "convenience".

Bill Horne Moderator Copyright (C) 2014 E.W. Horne. All Rights Reserved.

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Monty Solomon
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